Exhibit 99.1

 

CrossAmerica Partners LP Reports Year-End and Fourth Quarter 2017 Results

 

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Reported Full Year 2017 Operating Income of $32.4 million and Net Income of $23.2 million

 

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Generated Full Year 2017 Adjusted EBITDA of $109.1 million and Distributable Cash Flow of $81.2 million, respectively

 

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Reported Fourth Quarter 2017 Operating Income of $11.8 million and Net Income of $21.1 million, which included an income tax benefit of approximately $13.2 million related to the Tax Cuts and Job Act

 

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Generated Fourth Quarter 2017 Adjusted EBITDA of $28.6 million and Distributable Cash Flow of $21.7 million, respectively

 

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Reported Full Year 2017 Gross Profit for the Wholesale Segment of $123.0 million or a 9% increase when compared to the Full Year 2016 and a $30.8 million or a 5% increase for the Fourth Quarter 2017 when compared to the Fourth Quarter 2016

 

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The Board of Directors of CrossAmerica’s General Partner declared a quarterly distribution of $0.6275 per limited partner unit attributable to the Fourth Quarter 2017  

 

Allentown, PA February 26, 2018 – CrossAmerica Partners LP (NYSE: CAPL) (“CrossAmerica” or the “Partnership”), a leading wholesale fuels distributor and owner and lessor of real estate used in the retail distribution of motor fuels, today reported financial results for the fourth quarter and year ended December 31, 2017.

 

Review of 2017

 

On June 28, 2017, a U.S. subsidiary of Couche-Tard acquired all of the shares of CST Brands. As a result of the Merger, Circle K indirectly owns all of the membership interests in CrossAmerica’s General Partner, as well as an approximate 21% limited partner interest in the Partnership and all of the IDRs of the Partnership. Circle K, through its indirect ownership interest in the sole member of the General Partner, has the ability to appoint all of the members of the Board of the General Partner and to control and manage the operations and activities of the Partnership.  

 

On September 27, 2017, as approved by the independent conflicts committee of our Board, CrossAmerica sold 29 properties to Dunne Manning Realty LP for $18.9 million, resulting in a $0.8 million gain. These sites were generally sites at which the Partnership did not supply fuel or represented vacant land.

 

CrossAmerica closed on the purchase of certain assets of Holly Pond, AL based Jet-Pep, Inc. for a total consideration of $75.6 million, including working capital, on November 28, 2017. The assets consist of 101 commission operated retail sites, including 92 fee sites, 5 lease sites and 4 independent commission accounts. The locations sold nearly 91 million gallons of unbranded fuel in 2016. In addition, Circle K Stores, Inc., a wholly-owned indirect subsidiary of Alimentation Couche-Tard Inc. and the general partner of CrossAmerica, also closed on the purchase of certain other assets from Jet-Pep, Inc., including a fuel terminal, associated trucking equipment and 18 other retail sites for an undisclosed amount.


The following information was filed by Crossamerica Partners Lp (CAPL) on Tuesday, February 27, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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